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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Who controls the Colombo Stock Exchange? History!

Who controls the Colombo Stock Exchange? History!

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Barren Wuffete


Stock Analytic
Stock Analytic
Just like how Sri Lanka emerged from 1970-1977 socialist-economic period with Junius Richard Jayewardene's free economic policy and Japanese aids and loans..We got Japanese aid and even still get Japanese aid as a result of a favour done by Junius Richard Jayewardene to safeguard the economy and people of Japan. After the world war ended all Finance Ministers of Affected Nations and World War Lead Nations were called in for a meeting at the that ocassions Japan were requested to pay losses as Japan backed Hitler at the time...But thanks to J.R. Jayawardene's long speech which let Japan to grow and come to a negotiation on the same Japan started loving Sri Lanka ...after him a little bit financially uneducated leader Ranasinghe Premadasa was heading the seat.But he was totally focusing on uplifting the poor and also helping middle level mudalali's (Businessmen) started making money as result of backing Premadasa.One of them was Nawaloka Mudalil whose descendants even to date control Gentlemen's Sport- Cricket in Sri Lanka.And another was Aloysius Mudalali whose investment fund Thurston Investment still holds large investments in CSE but whose Grandson started an investment fund by using an adjective such as 'Perpetual' that is used for 'Holy Mary' in Christianity and Roman Catholicism. But Perpetual was responsible enough to kill Saliya Perera with a heart attack and perpetual capital had made capital losses from the investments it made in 2011.

Premadasa had Consigliere-es such as Sirisena Cooray who was even ready to kill next leading hierarchy of heirs such as Upali Wijewardene by giving parcels from Malaysia .

Similarly that time when Capital market of the country was yet to be developed Premadasa's then economic advisors suggested that they send some of the top accountants in private sector to study about brokerages and stock brokers in Hong Kong and then to implement similar operations in Sri Lanka.Those accountants didn't understand true style and art of stock broking but they saw only it from a perspective of an accountant. Among the crowd was Deva Ellepola, Mano Tittawalla, and many Stock broking CEOs we see today.So still now those accountants have become top figures who control Stock Exchange but only limited to their own perspectives.They also make sure that emerging new generation of Stock Brokers are not coming up in life..Last year a wave of young stock brokers started coming up to make representations to SEC,CSE as another group apart from Colombo Stock Brokers Association but the senior brokers acted smart to stop that uprising! And senior brokers suddenly and secretly changed Sriyan Gurusinghe from the seat of President of Stock Brokers association and appointed Dimuthu of Asha Philips.

But sad to know even the Asha Philip Stock Brokers owner Moraji Udeshi is telling now that 'All Stock Broking CEOs have only started messing up the good market in Sri Lanka' and Udeshi says 'All Stock Broking CEOs are 'Cussaed' Fellows..Udeshi has recently started selling his stock market stakes losing confidence in Colombo but holding in to Banking stocks since some of them are issuing 'Bonus Shares' by the way of Capitalization of Reserves and offering attractive dividends such as HNB, and COMB...but Udeshi like people are slowly getting out from CSE.

After all we may end up with even top 'Cussaed' investors who pump and dump when people such as Udeshi who hold for long term investments pull out.

We as investors also need to encourage new upcoming generation to change the typical style of industry!

K.Haputantri

K.Haputantri
Co-Admin
Thanks barren for sharing.

You have just exposed a den of inexperienced "experts" who profess to be "leaders" in the share market. These guys will never be able to grasp real forces of a share market mechanism. They are just a heard of bureaucrats who collect fees from us.

I suggested an year ago to one of them (you have mentioned his name) to start SLIP transfer facility for clients instead of paying by cheques. While agreeying with me that SEC rules do allow such a facility he said he has to discuss it with other brokers. I am yet to recreive a reply. This shows that there is little competition among brokers and they prefer to work as a cartel.

?How many brokers have serious research departments. What type of services they offer to us. Nothing.

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Aloysius spent a ridiculous amount on his wedding. There must be some unrealised loss in that portfolio. But they could recover with the liquor ipo unless they sold it.

As for suggestions nothing will work until we get true corporates.

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
yes, agree with rainmaker
We need true corporates , not junks controlled by some mudalalis

chanvi


Equity Analytic
Equity Analytic
thanks Barren for sharing

Aubrey Perera


Vice President - Equity Analytics
Vice President - Equity Analytics
Good one wufette keep it up.

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